According to the Company’s FORM 10-K For The Fiscal Year Ended June 30, 1999, on May 24, 1999, the court granted the defendants' motion and dismissed Counts I and II of the complaint with prejudice, and dismissed Count III (Section 20A of the Exchange Act) with leave to amend. On July 22, 1999, plaintiffs filed an amended complaint against certain defendants. On September 13, 1999, all parties submitted a stipulation to the court which provides for a dismissal with prejudice of all claims. Upon entry by the court of the agreed final judgment, all claims in this action will be dismissed with prejudice, with no liability to any of the defendants.
The original complaint charges Florida Panthers Holdings, its Chairman and certain other officers and directors with misrepresenting or omitting material information concerning the company's short-term prospectus. The plaintiffs said the defendants traded on nonpublic inside information during the class period and gave a false impression of the company's potential for the next two or three years. The defendants allegedly bought shares for about $10 each during the class period and subsequently announced the company would buy cash-generating resorts. That information purportedly boosted the share price to about $32 on Jan. 24, the plaintiffs said.